The fraudulent actions of Taiwanese family business Rebar Group have landed five next-gens with prison sentences, while their father remains on the run.
On Wednesday, Taiwan’s Supreme Court upheld the verdicts of a lower court, which handed out sentences between five and a half and 30 years to the children of Wang You-theng for violations of the Securities and Exchange Act.
According to court findings, the Wang family members, who had held senior positions in various companies controlled by Rebar Group, defrauded investors and banks of billions of dollars by means of false accounting and other fraudulent actions over a number of years.
The children include Gary Wang, Wang Lin I, Wang Lin-tai, Wang Lin-mei and Wang Lin-chiao.
Wang You-theng, 86, who founded Rebar Group in 1959, fled Taiwan in late 2006, days before prosecutors began their investigation into the group. He is listed as one of Taiwan’s 10 most wanted economic criminals.
Rebar Group began in the steel industry, but later expanded into textiles, hotels, real estate, insurance, banking and telecommunications.